Cauldron Energy Limited (ASX: CXU) has recently embarked on an Electromagnetic (EM) Survey at its Melrose Project in the Dalwallinu region of Western Australia, aiming to further explore high-priority targets rich in nickel and copper mineralisation.
Targeting High-Priority Anomalies
Encompassing 321-line kilometres, the EM Survey is predominantly targeting two high-priority areas, known as Targets 01 and 04, where magnetic inversion modelling has revealed significant anomalies. These anomalies beneath historical shallow drill-holes highlight valuable mineral potential, with the Company aiming to refine existing targets and discover new ones for future exploration.
Figure 1: Planned AEM lines over targets
Exploring the Anomalies
In the ongoing survey, high-priority Target 01 reveals a magnetic body situated 110 to 160 metres beneath the surface, aligning with historical air-core holes that previously yielded notable nickel and copper levels, indicating substantial mineralisation potential.
Similarly, Target 04 exhibits a magnetic body around 184 metres below the surface, coinciding with historical shallow air-core holes indicating elevated copper and nickel concentrations. This magnetic alignment, along with geological similarities to Target 01, underscores its exploration significance, highlighting the promising depths awaiting exploration.
Unlocking the Potential of the Melrose Project
Positioned within a region of high prospectivity, Cauldron’s Melrose Project is strategically located near the western margin of the Yilgarn Craton. This region has attracted growing interest from both mineral explorers and investors, driven by its enticing geology and substantial mineralisation potential.
The Melrose Project, covering an expansive area of approximately 1,507 km², is the largest contiguous nickel-copper-PGE prospective landholding within the Barrabarra Greenstone Belt portion of the West Yilgarn Craton.
Figure 2: Location Map – Melrose Project
Notably, Cauldron’s Melrose Project lies in proximity to Chalice Mining’s Barrabarra Project and Julimar Project, which have already made significant strides in the discovery of nickel-copper-PGE sulphide deposits. Furthermore, the promising results from NickelX‘s EM Survey in the neighbouring Dalwallinu Project add to the growing interest in the region.
The EM Survey, projected to conclude after approximately 10 days of flying time, is expected to yield initial results in early September. These results will be pivotal in refining the understanding of the potential mineralisation at the Melrose Project, with the Company aiming to emulate or even surpass the achievements seen in the case of NickelX.
CXU’s Australian Stock Exchange-listed share price is currently trading at 0.7c (2:40 pm UTC+ 8 hours).